Part Income Producing Investment/Development Opportunity
181 Union Street & 4 Windmill Brae | Aberdeen | AB11 6BB
subject to contract
Substantial City Centre building
Part income producing with lease to Coral Racing Limited
Large vacant retail unit
Upper floor offices capable of redevelopment for residential use, subject to planning
18 secure car spaces
Grade B Listed building
Offers in excess of £850,000, subject to contract
Aberdeen is located approximately 180 km (125 miles) north of Edinburgh and 210 km (145 miles) north east of Glasgow. The city benefits from excellent road communications with the A90 and A96 offering direct links to Dundee and Inverness. In addition, the city is connected to the national rail network with direct services to London Kings Cross. Aberdeen International Airport is approximately 9.6 km (6 miles) north-west of the city centre and is used by around 3 million passengers a year for scheduled and charter holiday flights.
Aberdeen City & Shire is the third largest city region in Scotland and home to almost 0.5 million people of which 230,000 live in Aberdeen. Aberdeen is one of the world's top five energy cities and has been ranked as one of the UK's most competitive cities with innovative industries, excellent academic and research capabilities and a highly skilled workforce. Alongside continued investment in energy, life sciences, tourism and hospitability, food, drink and agriculture, digital and the creative sectors are industries
on the rise (Source: Aberdeen City Council).
The Aberdeen economy continues to bounce back from the effects of the recent downturn in the oil and gas industry. Latest evidence of an upturn comes from a new report revealing the Granite City has taken second place for growth across 45 of the country's largest cities.
The subjects are located within the heart of Union Street, adjacent to one of its principal junctions Union Terrace/Bridge Street. Aberdeen Bus and Rail Stations, Union Square and Trinity Shopping Centre are all within easy walking distance of the property.
Historically a retail dominant location, several new developments have been constructed providing a mixture of uses within Union Street including retail, licensed, office, residential and hotels. Other nearby occupiers include Travelodge, Chaophraya, Mercure Caledonian Hotel, PWC, and Barclays Bank.
The subjects comprise two ground floor retail units with self-contained office suites situated above, within a mid-terraced block fronting Union Street, with a large secure car park to the rear.
The front elevation of the three storey, basement and attic building, is Category ‘B’ listed, constructed from traditional granite leaf with the remaining elevations constructed from reconstituted granite concrete blockwork. The roof is of mansard design with a mixture of slate and felt covering, with the subjects benefitting from a combination of aluminium and UPVC framed double glazed windows throughout.
The retail accommodation, comprises two units, one of which is currently leased to Coral Racing Limited with the other unit vacant. The subjects benefit from glazed entrance doors with full width display windows and signage above. The units offer open plan retail space, with separate storage and toilet facilities to the rear.
The office accommodation is arranged over the first, second and third floors and is served by a main entrance from Union Street with security entry. An eight-person lift, again with security entry, provides access to all upper floors. The office suite on Windmill Brae has dedicated access from the street.
Access to the car park is from Windmill Brae and comprises a total of 18 single car spaces, along with plant and store areas.
The office accommodation provides a mixture of open plan and cellular offices throughout, with kitchen and toilet facilities. The self-contained office suite on Windmill Brae is open plan and has recently been refurbished to a high standard. The subjects benefit from suspended ceilings with recessed fluorescent light fittings, gas central heating, carpeted flooring and perimeter trunking in part.
We have been provided with the following Net Internal floor Areas (NIA):
|181A Union Street||Sq. m||Sq. ft|
|181B Union Street|
|181B Union Street||Sq. m||Sq. ft|
|4th Floor – Store||11.86||128|
|Basement – Store||41.41||447|
|4 Windmill Brae|
Heritable (Scottish equivalent of English freehold)
The retail unit located at 181B Union Street, is currently leased to Coral Racing Limited, on an FRI lease until 28th February 2023. The current rent is £33,600 per annum equating to £43.02/sq ft.
The remainder of the accommodation is vacant.
Coral Racing Limited has reported the following trading figures;
|31st December 2017||31st December 2016|
|Pre-Tax Profit||£ 7,642,000||£ 91,884,000|
The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek offers in excess of £850,000 (Eight Hundred and Fifty Thousand pounds), for the entire heritable interest.
Please note that a purchaser will be re-charged the costs of the searches which are provided in the data room.
Please note a purchaser will be charged a Transaction Fee of £5,000 plus VAT.
Opportunity to acquire a substantial City Centre building;
Redevelopment opportunity on upper floors and rear building, subject to planning;
Low capital value of £39.50/sq ft;
Secure income to Coral Racing Ltd.
We have partnered with a leading finance adviser to provide loan services. To learn more, please visit our “Finance” section.
|Singer Vielle||+44 (0) 207 935 7200|
|Graham Waddellemail@example.com||+44 (0) 141 221 4545|
|Douglas Wilsonfirstname.lastname@example.org||+44 (0) 141 370 0284|
|Dale Henryemail@example.com||+44 (0) 203 701 1356|
|Neil Singerfirstname.lastname@example.org||+44 (0) 203 478 9120|
|Harper MacLeod||+44 (0) 141 227 9318|